On February 1, 2023, Stephen (who is single) sold his princi…
On February 1, 2023, Stephen (who is single) sold his principal residence (Home 1) at a $120,000 gain. He was able to exclude the entire gain on his 2023 tax return. Stephen purchased and moved into another residence (Home 2) on the same day. Assuming Stephen lives in Home 2 as his principal residence until he sells it, which of the following statements is true?